A property manager has the esteemed job of managing a real estate property for the owner. This property could either be for rent or the one simply needing some extra attention and care. It could be a property for residential, commercial office and retail or industrial use.
Property Management provides a great platform for anyone who is interested in dealings related to lands/ plots/ and houses. The sale or purchase of house or plots, or the work related to house repairs or garage/ garage door repair services etc. falls under the care of a property manager. Property managers are also in charge of ensuring market readiness, rent collection, policy enforcement, and maintaining positive owner-renter relationships.
Though these are the expected tasks of a property manager, there is also the share of difficulties that you as a property manager must navigate through. That is why we have prepared you a list of some rules that you must be aware of.
7 Rules Rental Property Managers Must Know
One of the most important things that you would need to take care of as the property manager is the rental issues. The responsibility of collecting monthly rent lies on the property manager. Making policies such as acceptable payment methods, as well as fine for late payments or any other issue related with the collection of rent such as eviction on non-payment of rent etc. lies primarily with the property manager. You should be able to address the legal requirements in your area related to the property.
These days with everything going online, you can also suggest an online payment method for collecting the rent.
Just like the real estate agents Miami fl need to find prospective buyers for their property, the first and foremost responsibility of a property manager is to look for a suitable tenant.
Managing tenants involves finding tenants, screening them, handling leases, dealing with evictions, etc.
Finding Tenants involves where to advertise the rental and the content to include in the advertising. You also need to arrange the needful things in the property according to the need of the tenants. Screening Tenants includes running credit checks and criminal background checks on the tenants. Choosing the right tenant is very important as it will affect the future prospects of the property. Handling leases and sorting out complaints/emergencies also fall in your responsibilities. Dealing with evictions, though unpleasant has also to be looked after by you.
3. Maintenance and Repairs
As a property manager, you would be responsible for keeping the property in a habitable condition, with regular maintenance and emergency repairs. Property maintenance includes checking for leaks, landscaping, and other minor works. If there is an issue, the property manager must fix the problem or hire someone else to do it.
4. Updating yourself about Landlord-Tenant Law
If you want to be professional in what you do, you must be updated in your knowledge of statewide and national laws regarding the proper ways to Screen a Tenant, Handle Security Deposits, Terminate a Lease, Evict a Tenant, and also Comply With Property Safety Standards.
5. Policy Enforcement
The property manager has to mandatorily review all the important lease terms with the new residents and has to also uphold and enforce the lease in order that the tenants do not violate any lease terms. He/she will also be responsible to state all the consequences for rule breaking and lease violations. This could be in the form of written warnings, fine incursions, or even eviction.
Property managers are responsible for handling all of the legal responsibilities corresponding to evictions. That is why updating yourself and adhering to the Laws regarding evictions and notices should be undertaken.
The property manager is also responsible for performing regular safety checks and damage inspections. A good maintenance strategy is to conduct a yearly or seasonal inspection of your property. If there is any problem, you will need to bring the issue to the owner’s attention for any approvals for repairs.
6. Making the unit market ready
Property managers need to ensure that a unit is ready to enter the rental market. You must make sure that it is the most promising unit for the owner and that it will provide him/her the highest returns for the area. You will also need to ensure that the property is in rent ready condition before advertising for tenants. At the end of a tenancy, property managers are responsible for cleaning the property and making it ready for the next tenancy.
Making a property ready for tenancy includes activities like posting for rent signs, updating online rental advertisements, hosting open houses, communicate with current tenants for qualified referrals, collecting both the applications and application fees, screening the tenants, and showing the unit to prospective tenants.
One cool way of promoting a property would be to use customized t-shirts or simply by conducting an event for the same.
7. Tax management
Filing taxes for an investment property is not only tedious but also takes time and much work. Since you are managing someone else’s property, you are the best resource for the property’s owner. Therefore managing taxes and assisting the property owner with understanding how to file taxes for the investment property is your responsibility. You could also file taxes for the property.
In short, property management comes with a great responsibility and if you take well, you would definitely succeed as one of the best property managers in the market!